Earlier there was a DA thread under this topic...I can't find it now. But, I thought I'd provide some feedback that a colleague had and is offered in an educational vein. ...
Context...First there was as I recall a reference to a December 29, 2024 Opinion/Article in the WSJ "The Authorities Shrug at Bank Fraud" by Gerard Leval... a very insightful article on the problem on dealing with paper checks being cleared by FIs when not properly endorsed and/or altered.
With many checks being cleared w/o any info on who the payee actually was it could be different than, e.g. an intended charity, and thus a year end tax deduction may not exist. The timing on reporting "fraud" is short! And, the current turmoil within the government agencies creates, an unfortunate, "ripe opportunity for bank fraud," w/o much governmental intervention...and the bad guys and FIs know it!
Expectations also include....Complaining to a FI is frustrating and communication from same is almost non-existent. The noted colleague got all the funds returned but w/o interest and lost opportunity costs...and months later.
Bottomline using ANY check is risky and caution must be exercised b/c FIs are not doing any due diligence!
